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Mortgage Lending Increases 7% in July, 2014

22 August 2014

Despite fears that the London property market is cooling figures from the CML (Council of Mortgage Lenders) have revealed that a total of £19.1 billion was advanced to borrowers during the month of July – this figure is in fact the highest mortgage lending has been since August 2008.

The pick-up in large mortgage borrowing can be partly attributed to an adjustment to the changes inflicted as a consequence of the mortgage market review in April. These changes meant that lenders had to “stress-test” applicants to ensure they would be able to meet repayments if interest rates were to rise.

Although the market remained “robust” according to the CML there was certainly a notable decrease in lending in the months following April as lenders formalised their responses to the changes.

The CML’s breakdown of mortgage lending at large in June showed that borrowing was being driven by homebuyers. It further demonstrated that remortgage activity was low – despite suggestions that interest rates might rise in the next year. At Enness, we found this figure to be surprising as we have received a number of enquiries to remortgage to fixed rates amidst fears of the base rate rising.

Important information

Enness Limited is directly authorised and regulated by the Financial Conduct Authority.

You can check our details on their public register through fca.org.uk using our firms’ reference number 565120. Registered address: Haskell House, 152 West End Lane, London, NW6 1SD. Registered in England and Wales under Company No. 07760090.

Enness International SARL is registered in Monaco. It is authorised to conduct activities relating to strategy, business development and public relations with regards to projects in connection with the Enness Group. It does not give banking or financial advice and the information contained on this website is not an invitation to buy or sell securities.

Enness Limited (DIFC Representative Office) is regulated by the Dubai Financial Services Authority (“DFSA”) as a Representative Office. It is authorised to conduct marketing of financial services and financial products offered from a location outside the DIFC in connection with the Enness Group. It does not give banking or financial advice and the information contained on this website is not an invitation to buy or sell securities.

IF YOU’RE CONSIDERING CONSOLIDATING DEBT AGAINST YOUR MAIN HOME, THEN PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.